论坛内容侧重长期制度建设

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The forum focuses on institutional - level content such as financial opening. On the opening day of the forum, the changes in treasury bond yields were generally stable, with medium - and long - term yields rising slightly and the 1 - year yield still falling. The current bond market sentiment remains optimistic, and short - term bonds are a new rotation hot - spot [4][6]. - From a medium - term perspective, the signals released by the Lujiazui Forum are in line with the trend of a more stable monetary policy rhythm under the background of the easing of China - US tariff frictions. The situation of low bond market volatility but positive sentiment is likely to continue [4][9]. Summary by Related Content Event - On June 18, 2025, the 2025 Lujiazui Forum opened. At the opening ceremony, PBOC Governor Pan Gongsheng announced eight major financial opening measures [5]. Comment - The forum's emphasis on financial opening and other institutional aspects led to stable changes in treasury bond yields on the opening day. The current bond market sentiment is optimistic, with limited opportunities for going long, but low opportunity costs and risks in a loose capital environment and low - volatility bond market. Short - term bonds are strong as a new rotation focus [4][6]. - With the easing of China - US tariff frictions and a more stable monetary policy rhythm, the low - volatility and positive - sentiment situation in the bond market is likely to continue [9].